Memecoins Bypass Centralized Exchanges, Find Home in DeFi

A staggering 40% of Solana's transaction volume is now driven by memecoins, according to an update shared with CI.

A staggering 40% of Solana’s transaction volume is now driven by memecoins, according to an update shared with CI. And yet, the majority of these assets never even reach centralized exchanges (CEXs).

Memecoins are increasingly bypassing CEXs altogether, launching and thriving in decentralized finance (DeFi) instead. This raises the question: Are CEXs losing their relevance when it comes to early-stage crypto assets?

Memecoins are choosing decentralized exchanges (DEXs) as their launchpads, finding far greater success before even considering CEX listings.

Is it because CEXs are becoming stale, bogged down by bureaucracy, and ultimately too slow to adapt? DeFi offers what CEXs can’t—an environment of immediate access, greater liquidity, and a more democratized approach to token growth.

Tristan Frizza, Founder of Zeta Markets, a Solana-based perps DEX, delves into why memecoins are turning their backs on CEXs and finding a natural home in DeFi.

Frizza explains how derivatives trading is shifting toward DEXs, as memecoin traders look for more flexibility and innovation.

Frizza also covered why CEX fatigue is real—and how DEXs, like Zeta, are seizing this opportunity to redefine token listings.

Our conversation with Tristan Frizza is shared below.

Crowdfund Insider: We’re seeing more memecoins launching on decentralized exchanges (DEXs) instead of centralized exchanges (CEXs). What’s driving this trend, and what’s the appeal of DEXs for these types of assets?

Tristan Frizza: This shift highlights the evolving dynamics of crypto markets. Memecoins are speculative, community-centric, and move rapidly, making them well-suited for DeFi’s fast, open environment. DEXs provide immediate market access without the regulatory and listing hurdles that often come with CEXs.

The DEX landscape enables tokens to launch with minimal friction, allowing communities to participate in trading instantly and directly, which is an enormous appeal for developers and investors. This ease of access aligns with the spontaneity and community-driven nature of memecoins.

Crowdfund Insider: Do you think this preference for DEXs among new tokens like memecoins signals a broader trend, one that could impact CEX relevance?

Tristan Frizza: Absolutely. We’re seeing that DeFi offers advantages that align well with the ethos of crypto—decentralization, accessibility, and speed. This cycle, especially with memecoins and DEX-first tokens, has shown that real opportunities and wealth generation are happening on DEXs, where assets can build momentum from day one.

For many traders, by the time a token reaches a CEX, it’s often considered “too late” to capture those strong returns. DEXs provide that early access, allowing communities to participate in price discovery and growth without waiting for a centralized listing. As DEXs continue to enhance accessibility and user experience, we may indeed see a shift in relevance, with DEXs becoming the preferred venue for early-stage assets.

Crowdfund Insider: What about user experience and liquidity? These are often challenges for DEXs—how does Zeta Markets address them?

Tristan Frizza: User experience and liquidity are crucial for any trading platform, whether a DEX or CEX. At Zeta Markets, we’ve focused on delivering a streamlined experience that matches the quality and familiarity of traditional exchanges while preserving DeFi’s core values.

Our order book model provides price stability and depth, distinguishing us from the automated market makers (AMMs) common on many DEXs. As technology continues to evolve, the differences between DEXs and CEXs will become less noticeable, making liquidity easier to onboard across platforms. By integrating with Solana’s ecosystem and collaborating with professional liquidity providers, we ensure our platform can support both high-demand assets like Bitcoin and Ethereum and niche tokens like memecoins.

Crowdfund Insider: The term “democratized trading” often comes up with DeFi. Can you explain this more broadly in the context of Zeta Markets and DEXs?

Tristan Frizza: Democratized trading means removing barriers and leveling the playing field. Traditionally, asset launches and early trading access have been controlled by large institutions and accredited investors. With DEXs, retail traders have the same access as institutional players, allowing them to participate from day one. At Zeta, we’re committed to providing a marketplace where individuals can engage with new assets without gatekeeping.

This open-access approach aligns with DeFi’s mission of providing financial opportunities that are accessible to anyone, anywhere.

Crowdfund Insider: How does Zeta Markets fit into the broader DeFi ecosystem on Solana, especially regarding derivatives?

Tristan Frizza: Solana has proven to be a game-changer for DeFi, particularly in speed and scalability. At Zeta Markets, we’ve built a derivatives-focused DEX that leverages Solana’s robust infrastructure.

Derivatives are a cornerstone